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Karnataka Launches Startup Booster Kit To Bolster Startups In The State

Karnataka Launches Startup Booster Kit To Bolster Startups In The State

The Government of Karnataka, on Monday announced a set of schemes with an aim to bolster the startup ecosystem in the state. The announcement was made by Minister for IT and BT, Priyanka Kharge.

Key Announcements

  • Under its Innovate Karnataka initiative announced financial support equivalent, of up to $60 Mn (INR 400 Cr) in the form of grant/equity through its various funds to startups; micro and small enterprises in IT, BT, and other manufacturing sectors in the next four years.
  • The government has set up a Startup Cell in (Karnataka Biotechnology and Information Technology Services) KBITS to spearhead the implementation of Startup Policy initiatives. The cell facilitates the sanction of incentives and concessions under the Startup policy to startups registered with it.
  • KBITS will also help startups with marketing and promotion; sponsorship to attend networking national and international events; administer tax incentives and provide assistance for patent filing.
  • A Startup Portal, has also been launched to enable and educate startups on policies and to access various benefits under the policy.
  • During last one year, 725 seats have been created through Government of Karnataka support to incubators. About 300 seats are currently available at subsidised rate for startups in GOK-NASSCOM 10,000 startups warehouse; GOK incubator for tech startups set up on PPP basis with 91-Springboard; GOK-IAMAI mobile 10X Startup hub; the Bengaluru Bio-innovation Centre amongst others.
  • In order to obtain feedback periodically on the implementation of its initiatives to assist them. Therefore a monthly open house event is planned under the Chairmanship of the Minister for IT and BT to provide an opportunity to registered startups to meet with the Department officers. The first Open House is scheduled on 16th August,2016 from 10:30 AM onwards at the GOK-NASSCOM 10,000 startups warehouse in Diamond District, Old Airport Road, Bengaluru.
  • The GOK-Startup Cell has put together a Startup Karnataka Booster kit for the benefit of startups registered with it. The Booster Kit contains a gamut of Software tools; cloud credits; access to mentors, legal & accounting consultants; access to GoK funding and GoK supported incubators. You can see the complete report here-

Interested startups may register online at the startup portal. To register Click Here!